🌊 One Bank to Rule Them All

Happy 111th anniversary of the London Beer Flood.

On October 17, 1814, a giant vat burst at a London brewery, creating a 15-foot-high wave of beer that swept the surrounding streets. Breweries back then built such enormous vats to attract tourists; but this vat repelled them — literally. One American visitor described the flood: “All at once, I found myself borne onward with great velocity by a torrent which burst upon me so suddenly as almost to deprive me of breath.” Hundreds of thousands of gallons of beer were released in the flood, killing eight and injuring many more. Yet we can only imagine that, for some, it was the greatest Monday happy hour deal ever.

Now do we have any Italian historians who can tell us the true story behind Cloudy with a Chance of Meatballs?

–Max and Max

KEY STORY

US Approves New Tech-Backed Bank

US regulators approved the launch of Erebor – a new bank backed by tech billionaires with close ties to President Trump

• Erebor was founded in 2025 by Palmer Luckey and Joe Lonsdale following the 2023 collapse of Silicon Valley Bank. The new bank aims to serve businesses involved in cryptocurrency, artificial intelligence, defense, and related sectors

• Luckey created the original Oculus virtual reality headset and sold it to Meta/Facebook for $2B. He then went on to found the advanced tech defense contractor Anduril, which has scored numerous nine-figure contracts with the US Military.

• Lonsdale co-founded the data software company Palantir with Trump ally Peter Thiel. Thiel was also a major financial backer for both of Luckey’s startups. All three of them have been prominent supporters to President Trump’s presidential campaigns through donations and fundraising efforts.

• A leaked fundraising memo for Erebor predicted a quick approval thanks to Luckey’s political connections. “Palmer’s political network will get this done,” the memo read, though the bank has denied that political connections played a role in their approval

• On Wednesday, the Office of the Comptroller of the Currency (OCC) gave Erebor "preliminary and conditional" approval to operate as a national bank – the first new bank to receive such approval under the current OCC leadership

• Erebor will offer traditional and digital banking services, targeting tech firms and high-net-worth individuals active in virtual currency

Dig Deeper

• Erebor's founders and early investors include Peter Thiel's venture firm, Founders Fund, along with prominent donors to Trump’s 2024 presidential campaign

• Senator Elizabeth Warren (D-MA) criticized the approval, calling Erebor a "risky venture" and warning it could lead to taxpayer-funded bailouts

• Erebor must meet additional regulatory conditions before launching full operations, expected later this year

KEY STORY

Visas Revoked Over Kirk Criticism

The State Department revoked the visas of at least six foreign nationals who celebrated Charlie Kirk’s assassination on social media

• Following Kirk’s shooting last month, US officials threatened deportations for foreigners on visas celebrating the assassination, with Secretary of State Marco Rubio warning that they should "prepare to be deported”

• The State Department announced on Tuesday that it had revoked visas for individuals from Argentina, Brazil, Germany, Mexico, Paraguay, and South Africa after reviewing their social media posts about Kirk’s death

• Among the examples cited by the State Department was an Argentine national who allegedly wrote that Kirk “devoted his entire life spreading racist, xenophobic, misogynistic rhetoric” and deserved to go to hell

Dig Deeper

• The department posted screenshots of the comments but did not identify the individuals by name. “The United States has no obligation to host foreigners who wish death on Americans,” the State Department said in its announcement

• The visa revocations have sparked debate over free speech protections, with some noting Kirk himself championed free speech, and the administration defending the policy, stating that protecting American citizens takes precedence over hosting foreign nationals who celebrate violence

KEY STORY

Hamas Tightens Control Over Gaza

Hamas launched a crackdown in Gaza this week, executing alleged collaborators and fighting rival armed groups as it moves to reassert control following the ceasefire with Israel

• A US-brokered ceasefire between Hamas and Israel took effect last Friday, with Israeli forces beginning to withdraw from parts of Gaza. President Trump has been promoting a peace plan that calls for Hamas to eventually disarm and have no role in Gaza's future government

• As Israeli forces withdrew this week, Hamas security forces immediately moved into vacated areas. The group deployed armed police and launched operations against armed clans that had challenged its control during the war. Videos released Monday show Hamas fighters executing eight blindfolded men in a public street, describing them as “collaborators and outlaws”

Dig Deeper

• The crackdown sparked fighting between Hamas forces and several prominent Palestinian clans, including the Doghmush clan in Gaza City, which resulted in at least 27 deaths

• The Palestinian Authority condemned the executions as “heinous crimes,” while Trump told reporters Tuesday that the killings "didn't bother me much" and that he had given Hamas temporary approval to police Gaza

• Despite the crackdown, some clan leaders have begun cooperating with Hamas. Trump said if Hamas doesn't disarm voluntarily, “we will disarm them,” adding that it would happen “quickly and perhaps violently”

ROCA’S SPONSOR

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QUOTE OF THE DAY

KEY STORY

Silver Prices Soar

Silver prices reached a record high of $53 per ounce on Tuesday, surpassing the previous record set in 1980 during the Hunt brothers scandal

• Silver's 85% rally this year has outpaced gold's 59% gain, driven by a severe supply shortage in London, the center of global precious metals trading. Inventories in London have dropped to historic lows, creating a premium of $1 to $2 per ounce compared to New York futures prices

• The rally has accelerated as investors seek safe-haven assets amid geopolitical tensions

• Industrial demand from solar panel manufacturers has also surged, while Indian buyers preparing for wedding season have added pressure to already tight supplies

Dig Deeper 

• The supply imbalance has been worsened by traders stockpiling silver in New York warehouses ahead of potential US import tariffs. The US government is considering adding silver to its Critical Minerals List, which would subject imports to tariffs

• The chief executive of Canada-based Wheaton Precious Metals said, "You can't buy substantive physical volumes of silver, it's just not available." Mine production peaked in 2017 and has remained limited because silver is typically produced as a byproduct of mining other metals

• Gold reached its own record of $4,179 per ounce on Tuesday

RUNDOWN
Some Quick Stories for the Office

🚕 Waymo plans to launch driverless taxi services in London next year, making it the first European city to offer autonomous ride-hailing of this kind.

⚖️ Conservative Supreme Court justices indicated during Wednesday arguments that they may weaken Section 2 of the Voting Rights Act, which prohibits drawing district boundaries in ways that reduce minority voters’ influence even when discriminatory intent cannot be proven.

🍺 New research published in BMJ Evidence-Based Medicine indicates that even light alcohol consumption may increase dementia risk, contradicting previous studies suggesting moderate drinking was beneficial.

🇺🇸 The Trump Administration has secretly authorized the CIA to conduct covert operations in Venezuela, US officials told outlets, as part of an escalating campaign against President Nicolás Maduro.

🧑‍⚖️ A federal judge ordered the Trump Administration to pause plans to fire thousands of federal workers during the government shutdown, moments after White House Budget Director Russell Vought predicted layoffs would exceed 10,000 people.

What does Roca Nation think?

📈 Yesterday’s Question: What’s the best investment you’ve ever made? Could be anything from AAPL stock to a Scrubdaddy.

🤔 Today’s Question: What do you think of OpenAI adding “erotica” for adults?

Reply to this email with your response!

POPCORN
Some Quick Stories for Happy Hour

🚙 Artsy License: A California driver was pulled over for using a hand-drawn license plate complete with fake registration stickers and the state logo.

🐟 Dam Good News: The Nature Conservancy purchased four hydroelectric dams on Maine’s Kennebec River for $138M with plans to remove them and restore salmon habitat.

🌉 Bridge over China’s Waters: China opened the world’s tallest bridge, spanning 2,051ft above the Beipan River in the mountainous Guizhou province.

👨‍🦯‍➡️ Blind Ambition: A 70-year-old Italian man is accused of faking complete blindness for 53 years while collecting over 1M euros in disability payments.

👙 Thong and Dance: Kim Kardashian’s Skims brand released faux pubic hair micro thongs in 12 color and texture variations, which quickly sold out despite widespread confusion.

ROCA WRAP
Mother of Rights

Mary Ellen Pleasant

A woman entrepreneur who bankrolled John Brown’s raid on Harpers Ferry died in obscurity, despite once wielding immense wealth and power.

Mary Ellen Pleasant arrived in San Francisco around 1849 or 1852 and immediately recognized opportunity where others saw only chaos. Pleasant identified herself as “a capitalist by profession” in the 1890 census, an audacious claim for a black woman in that era. She accumulated her initial wealth by working as a cook and domestic servant, charging ten times what she could have earned on the East Coast and investing her earnings into laundries, boarding houses, and other businesses serving miners flooding into California. Her partnership with white banker Thomas Bell eventually generated $30M (in today's money) by 1875.

Pleasant also funded an extension of the Underground Railroad into California, arranging safe passage for people fleeing slavery, providing housing and employment, and paying legal fees for those facing extradition. When California law allowed any black person without proper papers to be sold into slavery, Pleasant created networks to protect vulnerable people. Her most significant act came in the late 1850s, when she traveled east to support abolitionist John Brown’s planned uprising – donating $30,000 to his cause. When Brown was captured, authorities misread a note in his pocket as "WEP" and Pleasant escaped detection.

While Pleasant controlled vast wealth, she publicly portrayed herself as a housekeeper and cook. She spent years building a 30-room mansion that officially belonged to the Bell family, while she supposedly worked there as their servant. In reality, she managed the household, controlled the finances, and made the decisions. This deception allowed her to move through elite circles gathering intelligence for investments.

When Pleasant and two other Black women were ejected from a streetcar in 1866, she didn't accept the humiliation quietly. She filed lawsuits that eventually reached the California Supreme Court and successfully outlawed segregation in the city’s public transportation. The press mockingly dubbed her “Mammy Pleasant,” a nickname she despised. Her civil rights victories earned her the title “Mother of Human Rights in California,” though legal battles had mixed results throughout her life.

Pleasant eventually left the mansion she had built and moved into a six-room apartment. She turned down lucrative offers from reporters wanting scandalous stories about prominent citizens, saying she would never betray her friends. She died largely forgotten on January 11, 1904, at age 89. Her gravestone, as she requested, reads: “She was a friend of John Brown."

In a city built on gold, Pleasant mined something more valuable: Power that she wielded in secret and used to set people free.

EDITOR’S NOTE
Final Thoughts

We hope Gordon from California — who sounds like he may still be in high school — has enough free time to invest the funds in Roca’s bank account. Our last company investment was in a Jimmy Neutron meme coin, so only up from here.

Hope you all are having a wonderful day. Max T got in from Minnesota at 2 AM last night (along with new video guy Nik who had a great first trip!) and can’t wait to share some of his findings with you.

–Max and Max